the images show the cost of the same bike in the united states and britain. = $75.00 us dollars = £49.50…
the images show the cost of the same bike in the united states and britain. = $75.00 us dollars = £49.50 british pounds the concept shown in the images is known as purchasing power parity exchange rates factors of production gross domestic product
Answer
Brief Explanations:
Purchasing - power parity is the idea that a good should cost the same in different countries when prices are expressed in a common currency, taking into account exchange - rates. Here, the cost of the same bike in two different countries (US and UK) is shown, which relates to the concept of purchasing power parity. Exchange rates are just the rate at which one currency can be exchanged for another. Factors of production are inputs like labor and capital used in production. Gross domestic product is the total value of goods and services produced within a country.
Answer:
purchasing power parity